The purpose of this module is to provide the student with knowledge, information and awareness of mathematical and statistical tools which are useful in the business environment.
Calculus
Basic differential calculus. Business functions: cost, price, revenue, profit. Marginal functions. Maximum and minimum problems.
Working with Data
Classification, tabulation and graphical representation of data. Continuous and discrete data. Class boundaries. Frequency distributions. Histograms. Cumulative frequency distributions and ogives
Summary Statistics
Sample and population. Statistic and parameter. Measure of location: mean, median and mode. Measures of dispersion: range, standard deviation, quartile deviation and co-efficient of variation.
Correlation and Regression
Scatter Diagrams. Positive and negative correlation. Coefficient of correlation. Linear Regression. Interpolation and extrapolation.
Introduction to Probability
Definitions of probability. Calculating probabilities of simple events. Permutations and combinations. Calculating probabilities of compound events. Mutually exclusive and independent events. Calculating permutations and combinations for probabilities
Discrete Probability Distributions
Discrete random variables. Binomial and Poisson distributions
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |